
9 teams make finals of Jameel Deep Tech Initiative startup contest
The teams that advanced are Plansulin, Queed, iRama, Quantasphere Ltd., Advanced Future Technology, Novo Genomics, Larimar, Visi Ground, and iBoat.
The King Abdulaziz City for Science and Technology hosted the semifinal stage at its Academy 32 facility, the SPA reported.
The event was set up to support 30 teams in Science, Technology, Engineering, and Mathematics to transform research projects into market-ready startups.
Jameel, organized by StartSmart Entrepreneurship Center, and implemented through partnerships with KACST, King Abdullah University of Science and Technology, and the Research, Development and Innovation Authority.
It targets deep tech innovations in the health, energy, environment and climate sectors, aligning with Saudi Vision 2030 objectives to empower research-based startups.
The semifinal event featured sector-specific training sessions, interactive product development challenges within fixed timeframes, cross-disciplinary workshops and business model refinement exercises.
Participants received specialized mentorship to overcome technical and commercial hurdles.
Radwan Noor, KACST's general manager of Venture Attraction, said in a statement that they are enabling researchers to convert scientific outputs into viable tech companies with tangible market impact.
KACST supports this through scientific expertise, mentorship, judging, and access to laboratories and research infrastructure.
He said several participating startups graduated from KACST's Ventures Program, demonstrating successful pathways from national labs to market solutions.
Mohammed Abdulghaffar, senior general manager at Community Jameel, added that this collaboration empowers scientists and innovators to commercialize research.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Argaam
an hour ago
- Argaam
Prices pressured in Q2, market outlook still positive: Riyadh Cement
Shoeil Al Ayed, CEO of Riyadh Cement, said prices came under pressure in the second quarter; however, the overall market outlook for the second half of the year remains positive, supported by strong demand fundamentals linked to Vision 2030 projects. He added that, with improving operational efficiency, the company is focused on protecting its profit margins despite the volatile pricing environment. In an exclusive interview with Argaam, Al Ayed said the company maintained a healthy profit margin despite market challenges. Riyadh Cement declared a dividend of SAR 1 per share for H1 2025, with a solid profit margin of 37.2%. He stated that the company managed to maintain its profitability level during H1 2025, despite a decline in net profit, attributing this to various operational factors and cost pressures. Nonetheless, revenues grew year-on-year (YoY), supported by higher sales volumes, particularly from infrastructure projects in Riyadh and the Central Province. This growth came despite competitive pricing pressures and rising fuel and electricity costs. He also pointed to increased transportation and logistics costs as key pressures on financial performance, largely due to external operational factors. The company is actively working to offset these challenges through enhanced efficiency. Demand for cement rose during H1 2025, especially in the Central Province, despite seasonal slowdowns during Ramadan and Hajj. Domestic shipments increased YoY, fueled by large-scale projects, housing developments, and infrastructure linked to Vision 2030. A rebound in private sector manufacturing also contributed to stronger white cement sales. Al Ayed said that cement demand in the Central Province grew by around 20% in H1, while overall demand across the Kingdom rose by nearly 14%. The biggest revenue drivers were major infrastructure projects in Riyadh, alongside housing and other key sectors. He emphasized the company's commitment to meeting the growing local demand. Looking ahead, Al Ayed expects demand to pick up in Q3 as post-summer activity resumes, construction momentum continues, and cost control efforts remain in place — all of which should support profit margins moving forward. Riyadh Cement reported a net profit of SAR 133.2 million in the first half of 2025, a decrease of 1% from SAR 134.5 million in H1 2024. In Q2 2025, net earnings stood at SAR 57.5 million, down 11% YoY, according to Argaam 's data.


Arab News
an hour ago
- Arab News
Fitch-rated sukuk surpasses $210bn as market expands 16%
RIYADH: The value of sukuk rated by Fitch Ratings exceeded $210 billion in the first half of 2025, marking a 16 percent increase from a year earlier, as demand for Shariah-compliant debt continues to accelerate across global markets. In its latest Islamic finance report, Fitch said that 80 percent of its rated sukuk maintain investment-grade status with no recorded defaults, highlighting the relative stability and creditworthiness of issuers despite tightening global financial conditions. The US dollar remained the dominant issuance currency, accounting for over 90 percent of rated sukuk, followed by the Malaysian ringgit at 6.2 percent. Fitch currently rates more than 255 sukuk and 95 programs, representing over 70 percent of the outstanding global US dollar-denominated sukuk market. Earlier this month, a report by Kuwait Financial Center, also known as Markaz, echoed similar views, stating that US dollar-denominated instruments dominated the Gulf Cooperation Council debt market in the first half of 2025, raising $73.1 billion through 146 issuances — representing 79.4 percent of total value. Bashar Al-Natoor, global head of Islamic finance at Fitch Ratings, said: 'Most Fitch-rated sukuk rank senior unsecured and hold international long-term ratings with about 87 percent of sukuk issuers having a stable outlook.' He added: 'Over 90 percent of rated sukuk are US dollar-denominated and are largely characterised by bullet and fixed-rate structures. Medium-term sukuk with tenors between three to 10 years dominate, comprising over 81 percent of all rated sukuk.' Sukuk rated in the 'A' category made up the largest share at 39 percent, followed by 25 percent in the 'BBB' category and 13 percent in 'BB.' Fitch also noted that 11 percent of all rated sukuk are considered long-term, with maturities exceeding 10 years, while only 7 percent have tenors shorter than three years. Most of these instruments are expected to mature by 2030. Environmental, social, and governance sukuk are also gaining traction, now accounting for 12 percent of all Fitch-rated sukuk outstanding, with a total value of $25 billion. Most ESG sukuk are dual-listed on major exchanges such as the London Stock Exchange, Nasdaq Dubai, and Euronext, reflecting their appeal to a broad international investor base. The analysis further highlighted increasing regional and sectoral diversification. The Middle East continues to lead with a 69.9 percent share of rated sukuk as of end of the first half, followed by Asia at 21.6 percent and Europe at 7.3 percent. Affirming the growth of the Middle East's debt markets, Fitch noted in December that total outstanding debt in the GCC region surpassed the $1 trillion mark. Also in December, Kamco Invest projected that Saudi Arabia would lead the region in bond maturities over the next five years, with around $168 billion in Saudi bonds expected to mature between 2025 and 2029 — underscoring the Kingdom's growing prominence in regional debt markets. In its latest report, Fitch added that sovereign and supranational issuers still account for more than half of the rated sukuk market. However, issuer diversity is increasing, with sizeable contributions from financial institutions, corporates, international public finance, infrastructure and project finance, as well as structured finance.


Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Vision 2030 Boosted Saudi Arabia's Ability to Reassess Spending
Saudi Arabia's Ministry of Finance said the kingdom is now better equipped to reassess its spending priorities during times of economic uncertainty, crediting reforms under Vision 2030 for enhancing its financial agility. In comments to Asharq Al-Awsat following the release of the International Monetary Fund's Article IV consultation report, the ministry highlighted the economy's resilience and capacity to absorb external shocks, as recognized by the IMF. The report praised Saudi efforts to diversify its economy, implement fiscal plans, and maintain monetary stability. There is no need for Saudi Arabia to further cut spending even if oil prices decline, IMF mission chief Amine Mati told Asharq Al-Awsat after the Fund's Executive Board endorsed the findings. The Finance Ministry said the kingdom's decades of experience in energy markets, combined with the accelerated institutional learning driven by Vision 2030, have sharpened its ability to time spending adjustments in response to oil revenue fluctuations and rising geopolitical tensions. 'With over half a century of experience in energy and development planning, and the accelerated expertise gained over the past decade through Vision 2030, the Kingdom now knows when to reassess its spending priorities amid revenue drops and regional challenges,' the ministry said. During periods of global economic strain or low oil prices, Saudi Arabia has continued to evaluate the management of major development projects and strategies tied to Vision 2030 to sustain steady economic growth and maintain fiscal health, the ministry added. The kingdom, it said, no longer follows procyclical fiscal policies but focuses instead on achieving financial balance, ensuring public spending supports long-term economic growth. This approach echoes earlier remarks by Finance Minister Mohammed Al-Jadaan, who in April 2024 said the Vision 2030 roadmap would be adjusted as needed to align with evolving conditions. The ministry said its cautious and flexible fiscal strategy had already enabled the achievement—or near-achievement—of many targets. 'The government, while confident in its performance, is not complacent. It continues to push forward to safeguard the economy from global crises.' The report, it said, reflected growing international recognition of the kingdom's success in transforming its economy—especially the non-oil sector—under a comprehensive vision aimed at fiscal sustainability and economic diversification. Global Recognition and Institutional Praise The ministry pointed to repeated global economic reports that have acknowledged Saudi Arabia's achievements in implementing fiscal reforms, preserving monetary stability, and driving diversification. 'Recognition of these successes continues to grow—and with it, the scrutiny and detail of assessments, particularly in the non-oil sector,' it said, citing the 2025 Article IV report as the most recent example, following IMF staff's routine consultations with Saudi government and private-sector officials. While the report acknowledged risks linked to oil price fluctuations, it credited Saudi Arabia for adopting structural reforms and building a robust fiscal framework. The report also commended the kingdom's commitment to long-term planning aimed at preserving development goals and fiscal sustainability in the face of uncertainty. The IMF praised Saudi Arabia's long-term vision to support economic transformation, stating that it had improved the resilience of the economy and broadened its policy toolkit to weather global shocks. It also noted that continued reform was vital to mitigate downside risks amid persistent global uncertainty. A Regional and Global Economic Force The Finance Ministry said the IMF underscored the kingdom's growing role as a regional and global economic player. Saudi Arabia represents half of the Gulf Cooperation Council's economy and holds foreign assets worth $1.5 trillion, with a net international investment position equivalent to 59% of GDP. The report concluded that the ongoing economic transformation—driven by structural reforms, prudent policymaking, and periodic expenditure re-evaluations—had significantly strengthened Saudi Arabia's resilience, positioning it to better navigate rising uncertainty. Oil production is expected to gradually recover to 11 million barrels per day by 2030, according to the report. While this remains below the sustainable capacity of 12.3 million barrels, the projection aligns with supply-demand dynamics in global markets. Non-oil growth is forecast to pick up modestly by 2027, driven by rising investment in new infrastructure and the upgrading of existing facilities as Saudi Arabia prepares to host major global events, including the 2027 AFC Asian Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup. Structural Reforms at the Core Medium-term non-oil growth is expected to hover around 3.5%, supported by steady private-sector investment and sustained annual injections of at least $40 billion by the Public Investment Fund into the domestic economy. The IMF stressed the importance of continued structural reforms to preserve non-oil growth momentum and deepen economic diversification. Since 2016, Saudi Arabia has overhauled business regulations, labor laws, and capital markets, the report noted. Recent legal changes—including an updated investment law, revisions to the labor code, and a new commercial registration framework—have boosted investor confidence and contractual certainty, while supporting productivity gains, the ministry said. A Resilient Economy Amid Uncertainty The Finance Ministry said the report reaffirmed the government's view that the ongoing economic transformation had materially enhanced the economy's resilience to external shocks, and that Saudi Arabia was well-placed to withstand mounting global uncertainty. It said domestic economic and fiscal projections suggest real non-oil GDP growth could exceed the IMF's own estimates, reaching 4% to 5% over the medium term, driven by robust domestic demand, strong investment, and accelerating reform momentum. Sustained Growth Prospects The IMF expressed confidence in the continued strength of domestic demand, including through government-led projects, which are expected to fuel growth despite subdued global commodity prices and broader uncertainty. It projected real non-oil GDP growth of 3.4% in 2025, supported by ongoing implementation of Vision 2030 initiatives through both public and private investments, as well as strong credit growth, which is expected to cushion the effects of lower oil revenues. The report acknowledged the progress of Saudi reforms and called for continued efforts—especially in areas like enhancing human capital by aligning Saudis' skills with a modern labor market, expanding access to finance, and accelerating digital transformation. The integration of artificial intelligence into public services is also seen as a key driver of economic diversification. Strengthening financial institutions and pressing ahead with reforms will further enhance the kingdom's ability to withstand oil price volatility, the ministry concluded.